Grounded for 30 years, Elvis' private plane sells for $575,000

The private jet formerly owned and enjoyed Elvis Presley has sold for $575,000 (US $430,000) at auction after sitting on the tarmac in the New Mexico desert for more than 30 years.

The velvet-heavy interior of the red 1962 Lockheed Jetstar was reportedly designed by the King himself and is still largely in-tact, though the plane will need to undergo significant maintenance work before it can be moved as both the engine and cockpit need to be replaced.

Image: GWS Auctioneers

Elvis shared ownership of the plane with his father, Vernon.

Sold through GWS Auctions at an event featuring an array of celebrity memorabilia in Agoura Hills, California, the plane has been privately owned for 35 years, though the new buyer's name was not disclosed.

But a former owner has disputed the auction house's claim that the King had a hand in creating the craft's aesthetic, saying he's the one responsible for the plush velvet, wood panelling, and shag carpet. In fact, Roy McKay told Albuquerque's KOB-TV the plane boasted a mostly grey interior and "kind of looked like a casket" when he acquired it.